Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Sold by US Bancorp DE

US Bancorp DE lowered its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 43.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,240 shares of the company's stock after selling 6,970 shares during the quarter. US Bancorp DE's holdings in Credo Technology Group were worth $621,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRDO. Rakuten Securities Inc. purchased a new stake in shares of Credo Technology Group in the third quarter worth about $30,000. Brown Brothers Harriman & Co. raised its position in shares of Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company's stock worth $35,000 after purchasing an additional 1,001 shares during the period. Kestra Investment Management LLC bought a new position in Credo Technology Group in the 4th quarter worth approximately $38,000. WASHINGTON TRUST Co bought a new position in Credo Technology Group in the 4th quarter worth approximately $43,000. Finally, Principal Securities Inc. boosted its stake in Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company's stock valued at $45,000 after purchasing an additional 576 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $68.04, for a total transaction of $3,742,200.00. Following the sale, the chief technology officer now directly owns 8,508,602 shares of the company's stock, valued at $578,925,280.08. The trade was a 0.64 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Lip Bu Tan sold 150,000 shares of the company's stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the completion of the sale, the director now directly owns 1,113,725 shares in the company, valued at approximately $84,743,335.25. The trade was a 11.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,190,496 shares of company stock valued at $82,695,512 over the last quarter. Corporate insiders own 16.04% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on CRDO shares. Barclays increased their price target on Credo Technology Group from $80.00 to $90.00 and gave the company an "overweight" rating in a research note on Friday, January 17th. Craig Hallum increased their target price on Credo Technology Group from $38.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, December 3rd. Stifel Nicolaus increased their price objective on Credo Technology Group from $75.00 to $80.00 and gave the stock a "buy" rating in a report on Monday, January 6th. Needham & Company LLC reiterated a "buy" rating and set a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Finally, Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $74.90.

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Credo Technology Group Stock Up 9.9 %

Shares of CRDO opened at $43.36 on Wednesday. The stock has a market cap of $7.25 billion, a price-to-earnings ratio of -289.07 and a beta of 2.16. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $86.69. The company has a 50-day moving average price of $67.61 and a two-hundred day moving average price of $52.51.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.

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